Godrej Property have entered Noida and tied up with the Lotus Greens for a housing project in the Sector 150

The renowned name of Godrej Properties has recently signed an agreement with the Lotus Greens who are based in NCR to build a new housing project on an area of 26 acres. The location of the project is the sector 150 in Noida. It is the first project of the Godrej Properties in the Noida Market.

The area on which the project will be made is part of 300 acre Sports Township which was acquired by the builders Lotus Greens in the year 2014. It was acquired with backing of two private equity funds. These funds were Clearwater Capital (which is now known as Altico Capital) and the SSG Capital Management. 450 Crore Rupees were put in by these two funds in order to help the Lotus Greens make first tranche of payment for land to the Noida Authority. 2,500 Crore Rupees is the total value of this land.

According to Pirojsha Godrej who is the managing director and the chief executive of the Godrej Properties, strong growth has been witnessed in scale of the company’s operations in the NCR and the company is looking forward to build on the momentum via their entry in to Noida. It is worth mentioning here that Noida is one of leading real estate markets in the country.

This project by the Godrej Properties in Noida is going to have a saleable area of about 4 million square feet.

Sanjay Grewal who is the chief executive officer of the Altico Capital India said that it’s an important development, especially because of the sluggishness in the NCR market. The reason why it is an important development is the fact that Godrej is a very well organized brand in real estate space of India. It’s the first project by the Godrej properties in Noida and this partnership is going to affirm the market position of the Lotus Greens in Noida. It will also affirm the quality of the underlying assets owned by Lotus Greens.

Sanjay Grewal also stated that agreement with the Godrej Properties will be helpful in project sales and the presence of Godrej properties is also going to elevate perception of the whole Sector 150.

He further said that the trend of the consolidation in residential space is likely to continue with the existing owners of land and the builders entering in to joint development agreements and development management agreements with the bigger corporate players. This will bring in the additional credibility to the projects in the slow market.

Although it is the first project of the Godrej Properties in Noida, it’s overall the 6th project of the company in National Capital Region (NCR). The company has 4 projects via joint ventures with the land owners in the Gurgaon area and one project in Delhi which was signed in the year 2013 with the Southend infrastructure for group housing project of five acres in Okhla.